Personal Insurance App Develops by Travelers and Hartford

Property-casualty insurer Travelers Cos. has partnered with a Hartford for startup insurance app to enhance its online personal insurance product with a new mobile app that uses image recognition technology.

Personal Insurance App Develops by Travelers and Hartford

Travelers announced Tuesday its Traverse Insurance app was developed with Pineapple, which launched two years ago in South Africa and participated in the Hartford InsurTech Hub before being accepted last year into Nassau Re’s insurtech incubator program in downtown.

Pineapple, a peer-to-peer insurance app developed by founders Matthew Elan Smith and Marnus Van Heerden, last fall also won the top $1.5 million prize at Connecticut Innovations’ (CI) fourth and final VentureClash pitch competition.

Travelers, which has a major presence in downtown Hartford, said the image recognition technology honed by Pineapple will allow customers to buy a policy in less than a minute by using their smartphone to snap a photo of an item they need insured and answering questions.

Officials say the Traverse app, found in the Apple and Google app stores, offers coverage options for items including jewelry, mobile phones, laptops and musical instruments, among others, serving as an alternative to renters insurance. Customers can receive a quote, file a claim and then select a coverage online or by phone. A rewards program also allows users to refer friends to the app and complete other challenges to earn points redeemable for gift cards.

Travelers said the average Traverse policy can cover a number of items for $11 a month, with no-deductible options provided.

“By providing the ability to upload an image during the quoting process, we are simplifying the steps for purchasing an insurance policy and allowing customers to protect their belongings more quickly than ever before,” said Beth Maerz, Travelers’ senior vice president of customer experience and innovation. 

Originally published by Hartford Business